{
  "docId": "019dd923-622c-750b-8b9c-571191cc7adb",
  "docSlug": "48a8cbf2f1d7",
  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 120,
  "pageCount": 336,
  "prevPage": 119,
  "nextPage": 121,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a sarcastic tone ('Arconic's Best') to expose poor capital allocation performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/120",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-120",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.48,
        "x": 0.5,
        "y": 0.02
      },
      "kind": "callout",
      "text": "From the end of 2013 to the end of 2016, Arconic invested $210 million dollars in growth capital expenditures and research and development in TCS. For the $210 million invested, Arconic generated an incremental $9 million of NOPAT for a Return on Incremental Invested Capital of 4.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f72073a2-564e-4912-bd8e-45e1e0c692df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management’s best investments = 4.3% return on incremental invested capital",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8efc-40abb2488987",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "NOPAT: 2013 vs. 2016",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "272c0693-6ae2-481b-85d8-ac5b2ca7401b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Cumulative Investments",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "441a40d6-ef84-4fd1-83d3-0888a6a60c1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.95,
        "x": 0.04,
        "y": 0.8
      },
      "kind": "disclaimer",
      "text": "Source: Company filings; Arconic Investor Presentations. Note: R&D expense allocated to each segment based on consolidated R&D as a percentage of revenue. 1. Growth capital expenditures are calculated as Capital Expenditures for Continuing Operations less 50% of Depreciation and Amortization (management has previously estimated sustaining capital is 50% of D&A – see Arconic Investor Day, December 14, 2016); 33% tax rate. Excluding R&D from the denominator, ROIIC is 6.19%",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8ebec51-3800-48a4-80b1-c53eda06106f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ROIIC: 4.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8efc-4675f7101449",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.95,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "title",
      "text": "Management's best investments = 4.3% return on incremental invested capital",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d055a94-f537-42a9-9f3f-aebc496ec357",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "TCS Results: 4.3% ROIIC, Arconic's Best",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46d7f2c0-b162-4384-a3cb-d6a127303fd0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "fd2051b1-86b0-4b2a-ad8c-3c22f8085bb6",
      "evidence": "Contrasts 'best' label with low 4.3% ROIIC figure",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}